Leaders make proficient a business, and a proficient leader makes for a successful business.
To succeed in business, to reach the top, business owners must know every aspect of their business and continually optimize it’s operations.
The final step of our Six Steps process is that of Proficiency - reaching personal freedom. You can now choose to sell the business, choose to let the business run without you and receive a passive income or choose to purchase other businesses as an investment. Here you can reap the rewards of your business success as a true entrepreneur.
Step 6:
Proficiency to build something that is a scalable and able to sell. To generate profitable income is important for most businesses, but it’s not just about building revenue streams and profits.
It’s about building an asset, a sale-able item that is worth something to other people. You will know when your business is truly finished when you are able to sell it and walk away without being tied to it. If you can’t do that it’s not yet finished - and you are not yet free.
Can you sell your business to an investor or are you effectively selling a really tough job in a company the buyer will own and can’t escape from? What multiple would you pay for a company in which you have to step into the driving seat? Here you will look at the asset value of your business in multiples of profit. If it’s a true investment, the multiple will be much higher – in line with other opportunities available to potential investors.
Business proficiency is when business leaders have ability to adept understanding and ability apply successful business concepts and principles effectively.
Exit Strategy
How long do you plan to own and operate the business? How long do you plan to own and operate the business? How will you negotiate the terms of the sale?
New Ventures
What new business are you looking to start or invest in? How much capital do you need to start your new venture or investment? When will it become profitable?
Personal Freedom
What are your personal goals for the future? Do you have clearly defined strategies for creating passive income?
Legacy
What benefits will you have brought to your industry, your business, or team? Do you have a succession plan for your legacy?
Risk is essential. There is not growth of inspiration in staying within what is safe and comfortable. Once you find out what you do best, why not try something else?
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